Word: dillons
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Dates: during 1960-1969
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This was the verdict passed last week by Treasury Secretary C. Douglas Dillon. Both Dillon and Presidential Economic Adviser Walter W. Heller predicted that the gross national product, which stood just below $500 billion in the first quarter, would hit between $520 and $530 billion by year's end-a prediction very close to that made in the generally gloomy atmosphere of five months ago by FORTUNE...
...dinner with students at Dunster House, and delivered an address at the House. The head of the European Community told the press that he was "extremely satisfied" with his talks last week with President Kennedy and other Administration officials--including Chester Bowles, McGeorge Bundy, Walter Heller, Luther Hodges, Douglas Dillon, Orville Freeman, and Sen. J. William Fulbright...
Last week Doug Dillon, the Harvard-accented scion of Cháteau Haut-Brion,* gave a typical performance before the Senate Appropriations Subcommittee. At issue was the restoration of a $16.9 million appropriation to hire 2,500 additional tax collectors that the House had cut from Treasury's budget. Because the Internal Revenue Service is understaffed, argued Dillon, more than $24 billion in personal income went unreported and untaxed in 1959; the Government's share of that hidden wealth would be more than enough to balance the budget. As usual, Dillon appeared without a retinue of aides...
Internal Verities. Dillon had more background for his job than most of his Cabinet associates had for theirs. A capable Ambassador to Paris (1953-57) and investment banker (Dillon, Read & Co. Inc.), he was Dwight Eisenhower's Under Secretary of State for Economic Affairs, and had little trouble getting the feel of his new desk in the Treasury Building. "My own internal thinking has not changed," he says. "I have not had to change my views." As an unmistakable G.O.P. voice in a Democratic Administration, Dillon has consciously tried to keep out of the limelight, worked diligently to transform...
Carefully avoiding the risk of a fight with Congress, Dillon got a Justice Department ruling that has enabled him to nudge down long-term interest rates without affecting short-term levels-a trick his predecessors thought impossible without new laws. The ruling: bonds could be sold at less than their face value, thereby automatically hiking the interest rate. Beyond that, by establishing friendly, first-name relations with William McChesney Martin Jr., cautious boss of the Federal Reserve Board, Dillon smoothed the path for the Reserve's new policy of buying long-term Treasury notes and bonds rather than just...